National Grid To Buy Geronimo Energy; Plans JV With WSIB

National Grid PLC (NG.L,NGG) announced Thursday that it has entered into an agreement to acquire Geronimo Energy, a US-based clean energy developer, for $100 million.

The acquisition includes potential further payments subject to successful development of the project pipeline.

National Grid is also progressing an agreement to acquire a 51% share in 378MW of solar and wind generation projects developed by Geronimo, in operation and under construction, for $125 million. The projects, which have long-term power purchase agreements in place, will be jointly owned by National Grid and Washington State Investment Board or WSIB and operated by National Grid.

Once finalised, the joint venture with WSIB will have the right of first offer on future projects developed by Geronimo Energy. This investment is consistent with our long-term strategy of evolving the Group for the future.

Both transactions are subject to various approvals and are expected to close in the second quarter of 2019.